Mr. Walid Al-Zarouni ,a real estate expert, Chairman of “W Capital Real Estate Brokerage ”, reviewed the best ten selling real estate areas in Dubai according to the latest data issued by the Dubai Land Department (DLD) .
Al Zarouni said that the attractive offers by the real estate market in Dubai continued last year to benefit all parties ,the investors ,end users and tenants alike. This led to the continuation of momentum on these vital areas with competitive prices, which reflects the right track in the real estate market in light of the availability of an enabling environment for profitable deals.
It is noticed that demand for investments in the freehold areas was still strong, especially by non-citizen investors, over the past ten years. The highest demand was focused in the areas of Dubai Marina, Burj Khalifa, First Khiran, Sheikh Mohammed Bin Rashid Gardens, Al-Merkadh , Business Bay, and Palm Jumeirah.
Al-Zarouni said that recent DLD statistics showed that the Dubai Marina area topped in terms of sales value during the past year where about 3366 units were sold, valued at AED 8.67 bn. This area is one of the most popular residential areas for citizens and expats ,as well as business owners alike .It is attractive because of the availability of a modern lifestyle and abundance of all amenities and tranquility with its view of the Dubai Marina. It includes a large number of luxury apartments offered for rent in the Marina, in addition to its proximity to the most prominent marine attractions and free zones, such as the Dubai Media City , Internet City and Knowledge Village.
DLD data showed that the Burj Khalifa area (Downtown Dubai) came second in terms of sales valued at AED 7.894bn for over 2368 units. This area is considered the most prestigious, the largest and best square kilometer in the world, characterized by integration of all modern and luxurious lifestyles . The Down Town area combines all that is dazzling and exceptional of the glittering present and the glorious past through the apartments offered for sale in Burj Khalifa, the highest building built by man and the tallest tower in the world with a height of 828 meters which is considered one of the best tourist destinations in Dubai.
According to DLD statistics, Sheikh Mohammed bin Rashid Gardens area came third with a value of AED4920bn for 2430 units sold. “Wadi Al Safa 5” ranked fourth with a value of AED541bn for 1993 units, followed by “First Alkhiran” in the fifth place , with 2495 units sold worth AED4.410bn. Business Bay came in sixth place with a value of AED4.79bn for 2999 units sold, then the Palm Jumeirah area ranked seventh with AED 3.741bn for 914 units sold.
Al-Merkadh area ranked eighth with a value of AED2.680bn selling over 1711 units, followed by Al Barsha South the Fourth, with a value of AED2.306bn for 1844 units. In the tenth place was the First Jumeirah area with a value of AED 2.246bn selling 764 units.
The DLD data showed that the value of the real estate units sold in the last year was AED 81bn, distribute يا said that there are 5 main reasons that prompted these areas to achieve good selling rates, the first of which is the strategic location and its proximity to the vital Dubai and business areas. Then there was the integrated infrastructure of these areas , added to the investment return, high demand rates, as well as the average prices that suit many investors compared to other areas.
He stated that the modern Dubai areas have become one of the most important and most demanding real estate areas during the past years, in the light of high occupancy rates, with more active market by all nationalities, as the emirate embraces more than 200 different nationalities that coexist and work together.
Al-Zarouni stressed that the real estate market data of last year foreshadows a state of optimism and recovery for 2020. The coming months before the launch of the “Expo 2020 Dubai” will contribute supporting the positive trends of the real estate sector besides the beginning of gradual growth in tourism development with the flow of millions of visitors . The superiority of infrastructure and the opening of major and new development projects that attract more jobs, will in turn affect the property market positively both in the sales and rental segments.
Al-Zarouni added that the overview of the real estate market in Dubai in the long term seems positive and promising, and the data reflect the real status of the real estate market, which has proven its position and investment attractiveness at the top of the list of interests of investors and companies locally and globally. There are many factors that make Dubai real estate distinguished, at the top of which is the annual returns, investment security, incentives and government initiatives announced over the past year.
He pointed out that the most prominent 10 residential complexes in Dubai offer returns ranging between 6% and 9.5%, which is higher than rental returns in major international cities, such as London or Hong Kong, where the returns are currently less than 5%, according to the latest report issued by «Chaster Tens» titled «Market Watch – Dubai Real Estate Market Report for Q4 2019».